Pi Capital Partners pays $17M to HIP of Greater New York for commercial property in Elmhurst

UPDATED, 4:41 a.m., January 14, 2020: Pi Capital Partners through the entity 8615 Queens Blvd, LLC paid Health Insurance Plan of Greater New York $16.7 million for 86-15 Queens Boulevard in Elmhurst. The deal closed on December 18, 2019, and was recorded on December 26, 2019. The transaction consists of 1 parcel, including the tax class professional-type office building (O7). The property is 21,046 square feet. The parcel(s) have total development potential of 61,609 square feet.
The average sale price per square foot is $271.
Health Insurance Plan of Greater New York is an affiliate of nonprofit health insurer EmblemHealth.

A block away, Pi Capital is nearing completion on a 142-unit, mixed-use building at 85-15 Queens Boulevard.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

UPDATED: The post was altered to note that Health Insurance Plan of Greater New York is an affiliate of EmblemHealth.